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N Brown Group PLC - Manchester-based clothing and footwear retailer - In the 13 weeks ended May 28, its first quarter, reports revenue of £15.1 million, representing a 2.1% drop against the previous year. Notes comparison period covered a full lockdown in March and early April, which provided a tailwind to online retail demand. Trading since the start of its financial year is ‘challenging’ with inflation impacting consumer confidence, leading to softer volumes and revenue than the previous year. Company's expectations for the full-year remain unchanged with adjusted earnings before interest, tax, depreciation, and amortization expected at similar level to the £86.5 million achieved in the year ended February 27, 2021.
Chief Executive Steve Johnson says: ‘Sales volumes since the start of the financial year have been softer, reflecting various well-documented pressures on consumer confidence, which are showing no signs of abating in the short term. As these pressures persist, we expect the trading environment to remain challenging and will, therefore, continue to take actions to mitigate the effects wherever possible.’
Current stock price: 27.25 pence, down 4.4% on Thursday
12-month change: down 54%
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